Understanding Your W-2 Form Wage and Tax Statement
Canisius W-2 forms are distributed with paychecks in January. Checks and W-2 forms not picked up by January 25, 2002 will be mailed to employees' homes. The W-2 is your wage and tax statement and must be included when filing your tax return. To help you better understand the W-2, the Personnel Office has prepared the following questions and answers.
To what address is the W-2 mailed?
If not picked up by January 25, 2002, the W-2 form is mailed to the address printed on the check stub. Faculty and staff may update their addresses at the Personnel Office (Bagen Hall, Room 108).
What if my social security number is incorrect?
The Employee's social security number appears in Box D. If incorrect, contact the Benefits Office at ext. 2241.
How is Box 1, Wages Tips and Other Compensation, calculated?
Start with the year-to-date taxable gross wages from your last paycheck. Deduct tax-deferred retirement deductions, pre-tax benefit deductions (i.e., health insurance premiums, dependent care reimbursement and medical reimbursement), add other taxable payment (i.e., personal use of college vehicles, graduate tuition, taxable life insurance and other miscellaneous compensation commonly processed through Accounts Payable).
How do Social Security recipients report income?
If you are actually drawing Social Security benefits, you report income in Box 1 when filing state and federal income tax, BUT USE THE FIGURES IN BOXES 3 & 5 when reporting annual wages to Social Security.
What are Box 5, Medicare Wages and Tips, and Box 6, Medicare Tax Withheld?
Medicare Wages and Tips and the corresponding Medicare Tax Withheld are the hospital care portion of Social Security. Prior to 1991, Medicare was included in Social Security withholding. They are now separated for payroll deductions and reporting purposes.
What is Box 10, Dependent Care Benefits?
This is a before-tax deduction under the Canisius Care Program. Reminder: Employees with dependent care accounts must include form 2441 when filing annual income tax returns.
What are the items shown in Box 12?
The Internal Revenue Service developed a coding system to report a variety of information in Box 12. The codes are explained on the back of the W-2 form, copy C. Canisius College uses the following codes:
- Code C: Group term life insurance coverage over $50,000
- Code E: Retirement plan reductions-403(b)
- Code P. Excludable moving expense reimbursements
What is Box 13, the Retirement Plan?
This box should be checked if you are eligible to participate in the retirement plan offered by the college.
The remaining boxes should be self-explanatory. Questions regarding the W-2 form may be directed to the Payroll Office at ext. 2841.
If an employee's tax status has changed during the year (i.e., marital status, number of dependents, etc.), or they wish to increase or decrease withholdings, a new tax-withholding certificate (W-4 form) must be completed for 2002. W-4 forms are available from the Payroll Office by calling ext. 2847.
Women's Health and Cancer Rights Act
Under the Women's Health and Cancer Rights Act of 1998, all group health plans that provide medical and surgical benefits for mastectomies must also provide coverage (in the manner determined by the attending physician and the patient) for the following:
- Reconstruction of the breast on which the mastectomy was performed,
- Surgery and reconstruction of the other breast to produce a symmetrical appearance, and
- Prostheses and physical complications at all stages of mastectomy, including lymphedema.
Annual deductibles and co-insurance provisions may be applied, so long as they are consistent with those established for other benefits. Please direct inquiries to your health insurance carrier as follows:
Blue Cross/Blue Shield 884-0774
Community Blue 884-2800
Univera (Health Care Plan) 857-4448
Independent Health 631-5392
Health Insurance Reminder
Active faculty and staff who are current health insurance participants and/or their covered spouses who will become age 65 in 2002 must complete a TEFRA/DEFRA form which alerts their health plan carrier that they wish to keep their coverage in the college's group as primary and Medicare secondary. (TEFRA pertains to the employee and DEFRA to the dependent). Forms are available in the Personnel Office (Bagen Hall, Room 108).
January Service Recognition Honorees Celebrating Significant Anniversaries
30 YEARS
Madeline Macklin, housekeeper/Maintenance
25 YEARS
J. Patrick Greenwald, executive director/Campaigns for Canisius
5 YEARS
Scott Kaiser, parking services assistant/Public Safety
Deadline Near for Canisius Care Year 2001 Accounts
Time is almost up for filing Canisius Care claims for your year 2001 accounts. All claims must be filed by March 15, 2002 for any services performed in 2001. Funds remaining in plan year 2001 flexible spending accounts after this date will be lost.
Independent Health's TeleSource
The answers you need, when you need them most. Twenty-four hours a day, seven days a week, you can call 631-8701 and press 3 for the Audio Health Library, then enter the 4-digit code. If you need instructions, simply dial 1000 and you will hear a prompt for further directions. There are topics listed for you, or you can refer to the TeleSource book in the lounges and in the Personnel Office for more topics that may be of interest to you. This service is open to the general public. You do not need to be in Independent Health to call.
Articles that may be of interest are, for example; Alzheimer's Disease 7805, Long Term Care Insurance 7853, Medicare 7856, Nursing Homes 7859, Planning for Retirement 7865, Social Security and SSI 7880, Cancer Information 6411, Child Development 7701-7712, Colds 4331, Diabetes 4391-4398, Eyes 4511-4519, Foot Care 4551-4558, Headaches 4631-4634, Sleep Problems 870-8779.